DOW JONES NEWSWIRES
Children's Place Retail Stores Inc. (PLCE) named Michael
Giannelli, a former designer for Gap Inc.'s (GPS) kids, baby and
body brands, as head designer for the seller of children's
apparel.
The company said Giannelli, 44 years old, has 20 years of design
experience. He spent 18 years with Gap, culminating with his
appointment as vice president of Gap Body. For 12 years, he
designed children's apparel and non-apparel for Gap Kids and Baby
Gap. Most recently, Giannelli was a designer for AnnTaylor Stores
Corp.'s (ANN) more casual Loft stores.
President and Chief Executive Jane Elfers said the hiring was
very strategic for Children's Place, saying strengthening the
retailer's merchandise is the company's "number one key
initiative."
Giannelli will report to Natalie Levy, executive vice president
of merchandising and design.
Last week, Children's Place reported its fiscal fourth-quarter
earnings declined 5.8%, but beat its earlier estimate with the help
of better margins and lower expenses. The company has experienced
improving sales recently, but last year took a hit thanks to a poor
performance of its back-to-school line and unseasonably warm
temperatures.
Shares were down 0.4% to $47.16 in recent trading amid a broad
market downturn. The stock is down 5% this year.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com